Then they coach them to succeed by helping them become the expert on a particular neighborhood or something.Next, I'd highly recommend focusing on investors as your clientele for the reasons mentioned above plus it's more lucrative.A lot of real estate agents complain about wholesaling "being illegal."

Our way increases the number of transactions, but also increases the “fallout” as well as allows for people to tie up the property who have no intention of closing unless they can find a real buyer at a higher price.

If they are not in the state of business activity then it again generally needs to be registered with the state of the business activity otherwise it doesn't exist for lawsuots in that state which defeats much of the purpose of having one.You can have nested LLCs depending on your needs but that is generally used for high equity transactions, say $1m or more.

This was my first off market purchase and my first seller financing transaction.

If you are "transacting" in a state, some states (mine in particular - Illinois) require you to file an "authority to transact" business which in some cases costs more than the LLC itself.

You’ll eventually have a template PPM which will cut down on attorney time going forward but each deal has unique risks and key transaction points that need to be addressed.

We can’t do that in too many places here in CO anymore because STR’s are now illegal lots of places but medium term (30+ days) furnished properties rent for a big premium over traditional long term, so I’ve done that on my last two projects.

How would that transaction work?

So the more tax you can defer over time the more income you'll make over time from the deferred tax.A 1031 does require the use of an unrelated 3rd party to the transaction called the qualified intermediary. 

In the larger business space the ERP system would use a finance module to maintain vender relationships and all interactions and transactions with them.